Alliance HSP looks to sell landmark West Loop office building

Real estate investor Alliance HSP is looking to sell the leasehold interest in a 254,000-square-foot office building in the West Loop.

The price for the property at 300 W. Adams Street could be in the ballpark of $30 million, according to Crain’s, which first reported the story.

The 90-year-old building was designated a Chicago landmark in 2009. Two years before that, Sterling Bay acquired it for $23 million. The firm completed a major renovation and sold it to Alliance HSP, according to the report.

In July, Pennsylvania-based Alliance sold the leasehold interest in the 585,000-square-foot Burnham Center at 111 W. Washington Street for $80 million. In June, Honolulu-based Shidler Group — Alliance is a Shidler affiliate — sold off the leasehold interest in 200 S. Michigan Avenue for $33 million.

The Loop area has seen a wave of real estate development and activity, including Riverside Investment & Development’s construction of a 50-story tower next to Union Station and 601W Companies’ redevelopment of the Old Post Office. [Crain’s] — Jackie Flynn